Founding of Paris Club

The Paris Club is an informal group of official creditors, mostly the governments of wealthy countries, who meet to find solutions for countries that have payment difficulties on their debts. It is said to have begun when Argentina met its creditors in Paris, and since then it has dealt with a very large number of cases, involving countries across Africa, Latin America, Asia and Europe. The creditors seek an agreement on rescheduling or reducing the debt, under conditions that usually include an economic reform programme supported by the International Monetary Fund. Its meetings are held at the French Ministry of Finance, and its decisions are not binding in law. It has been important in debt relief initiatives for poor countries.

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